Stephen Ross In Talks To Sell Stake In Miami Dolphins, Hard Rock Stadium To Ken Griffin
Citadel founder and CEO Ken Griffin is negotiating with Miami Dolphins owner Stephen Ross to buy a minority stake in the team as he continues to expand his presence in South Florida.
Ross is in talks to sell a portion of the Dolphins to Griffin, along with a stake in Hard Rock Stadium and the Formula 1 Miami Grand Prix, Bloomberg reports. Ross may use the proceeds of the sale to invest in additional sports ventures, according to Bloomberg.
A deal hasn't been finalized, and it is possible Ross could sell the minority stakes to someone other than Griffin.
Griffin is the 35th richest person in the world, with a net worth of $35.9B, according to the Bloomberg Billionaires Index. Ross has a net worth of $8.6B.
Griffin has gobbled up properties in South Florida in recent years.
A company affiliated with the billionaire paid $83M to acquire an office building in Palm Beach in July. In April 2022, he bought an adjacent building that had been a Neiman Marcus department store for $78M.
Griffin has spent $350M buying properties in Palm Beach in recent years, including a 25-acre beachfront assemblage that he started to acquire in 2012 on a stretch of boulevard known locally as Billionaires Row, The Palm Beach Post reported.
Last June, Griffin moved Citadel’s headquarters from Chicago — where the company was founded — to Miami, citing complaints about Chicago’s crime rate, political leanings and high taxes. As a part of the move, the firm set out to build a new office and global headquarters in Miami.
While the company develops its new office tower, it has been leasing space at Southeast Financial Center. Entities connected to Citadel spent about $670M to assemble a 2.9-acre parcel in Miami where the company is planning to host its new headquarters, the South Florida Business Journal reported.
